Novogradac Online LIHTC Property Compliance Workshop
The Novogradac LIHTC Property Compliance Workshop is a 10-hour, two-day course, led by knowledgeable instructors, to provide attendees with the most up-to-date low-income housing tax credit (LIHTC) compliance knowledge and industry trends critical to owners and property managers. At the conclusion of the workshop, attendees have the opportunity to pass an exam to obtain the Novogradac Property Compliance Certification (NPCC), an official accreditation for members of the LIHTC community.
|Jillian Toole, NPCC, HCCP, NCP-E|
LIHTC Compliance Specialist
Novogradac & Company LLP
Group Instruction: Day 1-Noon to 5 p.m. ET* (9 a.m. to 2 p.m. PT)
Group Instruction: Day 2-Noon to 5 p.m. ET* (9 a.m. to 2 p.m. PT)
Online NPCC Exam: Opens Day 2 at 6 p.m. ET (3 p.m. PT) and closes seven days later
*A 10-minute break will be taken approximately every 50 minutes during instruction. There will be no official meal break; attendees are encouraged to eat throughout the workshop as needed.
All attendees will receive a link to access the PDF of the 150-plus-page booklet of the slide deck we use to present the concepts of the workshop as well as links to HUD Handbook 4350.3 and the IRS 8823 Guide.
Participants should use a calculator to complete the Novogradac Property Compliance Certification (NPCC) Exam.
ONLINE Novogradac Property Compliance Certification (NPCC) Exam:
The Online NPCC Exam is a 60-question, open-book exam with a seven-day time limit to complete beginning at 6 p.m. ET (3 p.m. PT) on Day 2 of the online workshop and ending seven days later. Questions are in multiple-choice and true/false format. Recordings of Days 1 and 2 of the workshop will be made available for candidates to review until access to the exam expires. Average completion time is between 2 and 4 hours.
In completing the exam–in addition to reviewing recordings of Days 1 and 2–candidates are allowed to consult links to the PDF of the workshop slidedeck, HUD Handbook 4350.3 and the 8823 Guide as well as research the Internet. However, in taking the exam, candidates agree to not consult with other people or retain or publish the exam questions or answers or provide access to the questions or answers to others.
A passing score on the NPCC exam is 48 out of 60 (80 percent). Upon completing the exam, candidates will be informed immediately through the exam software of whether they've passed or failed. Those who pass the exam may download their Novogradac Property Compliance Certificate from the exam software. Within 10 business days participants will receive a Novogradac LIHTC Property Compliance Workshop attendance certificate via email.
Topics Covered in Workshop:
- LIHTC Property Compliance Overview
- IRS, state agency, HUD, investors, developers, property managers
- Calculating credits–eligible basis, DDAs and QCTs, applicable fraction, credit percentages
- Tenant certification process–household size, verification forms, TIC effective date, initial certification vs. annual recertifications
- Related Rules
- Compliance period vs. credit period vs. extended-use period
- More on applicable fraction; exempt units
- Minimum set-aside
- Full-time students
- Available-unit rule
- Unit-vacancy rule
- Transferring tenants
- Household Income
- Inclusions and exclusions
- Examples–employment income with anticipated raise, seasonal/sporadic work, child support (sporadic), regular cash contributions, self-employment
- Assets and Income from Assets
- Asset inclusions and exclusions
- The $5,000 cliff test
- Examples–checking and savings accounts, retirement accounts, revocable trusts, assets disposed of for less than fair market value
- Maximum rent limit–LIHTC rent limit calculation
- Deeper rent targeting
- Gross rent for unit–tenant paid rent, utility allowance, other non-optional charges
- Rent assistance
- Initial Lease-Up and First-Year Credits
- Initial qualification of units, first-year applicable fraction vs. 12/31 applicable fraction, deferring Year 1 of the credit period
- Initial lease-up strategy
- Form 8609 Line 8b multiple building election
- State Inspections and Avoiding Recapture
- Calculating recapture
- State agency compliance inspections and the 8823 process
- Correcting noncompliance
About the Instructors
Wayne Michael is the director of external education for Novogradac & Company LLP, specializing in simplifying complex industries and programs for audiences of varying levels of experience. Mr. Michael has created, edited or delivered hundreds of presentations for conferences, workshops, webinars and on-site training sessions relating to federal tax credit programs and other accounting concepts. Mr. Michael also hosts Novogradac's YouTube channel, whose videos have been viewed more than 150,000 times by tax credit professionals. Additionally, he is a principal contributor to the "Introduction to Low-Income Housing Tax Credits" booklet that is published by Novogradac. Mr. Michael obtained his degree in accounting from Brigham Young University. He is licensed as a certified public accountant in California, is a designee of the Novogradac Property Compliance Certification as well as a Housing Credit Certified Professional.
Jillian Toole is a senior accountant in the Atlanta office of Novogradac & Company LLP. She joined Novogradac in 2007. She has experience in real estate partnership audit and taxation. Ms. Toole specializes in low-income housing tax credit (LIHTC) compliance, is a company trainer and leads Novogradac's Property Compliance Workshops. She holds multiple certifications in the industry and is published in the field. She has received a bachelor's degree in literature from Arizona State University and her bachelors of business degree in accounting from Kennesaw State University.